The continued rise of social commerce means social media is no longer just a place to connect, or seek distraction. But, it is now an important retail channel as well. This makes sense when you consider over 3.6 billion users worldwide use social media on a daily basis.
Social Commerce ticks all the boxes in terms of convenience, and ease of use. Its remarkable growth is being driven by rapidly changing consumer behaviour and preferences. Moreover, it is anticipated to significantly reshape the retail landscape, with a projected global growth of $604. 5 Billion by 2027. Similarly, Statista estimates that social commerce will surpass $84 billion in sales annually by 2024.
Payflex takes a closer look at the key benefits of this burgeoning trend. And how social media platforms like Facebook, Instagram, Pinterest and TikTok can be ideal platforms for retailers looking to increase conversions in a highly competitive online retail landscape.
Users can enjoy a seamless omnichannel shopping experience
Social commerce provides users with a seamless and frictionless omnichannel shopping experience. Shoppers can buy instantly from anywhere without ever leaving their social media app. This eliminates the need for the user to go through multiple clicks to make a purchase. In addition, it also helps to reduce cart abandonment, a major pain point for retailers.
The shopping experience is personalised
Customers spend 48% more when their shopping experience is personalised. With social commerce, the shopping journey is based on tailored suggestions and personalised offers that are unique to the user’s feed.
Your products reach new audiences
Social commerce exposes your products to new audiences who ordinarily may not have had exposure to your brand or offering.
It democratises online sales
Social commerce democratises and empowers small to medium businesses, by providing a platform that enables an end-to-end purchase journey from product discovery to the final transaction.
Shopping becomes a social experience
Shopping on social media offers an immersive and interactive experience where shoppers can consult friends and family on purchases. Shoppers can highlight their most recent purchases, review the comments and experiences of other shoppers on products, as well as interact directly with their favourite brands.
Social commerce brings retailers closer to consumers
Not only is your content regularly showing up in your customers’ news feeds, they are also able to interact with it by liking, commenting, tagging their friends, or sharing it among their circle.
It’s just the beginning for social commerce
It is clear that eCommerce merchants can no longer afford to ignore the growing importance of social commerce. For instance, the value it offers in terms of engagement, brand building, and a frictionless shopping experience is hard to match elsewhere. And while still in its early stages of growth, it is clear that social commerce has a critical role to play in the future of shopping. In short, social commerce will undoubtedly be the biggest trend we’ll see in online commerce within the next few years.